Renting out a house and insurance implications

Hi,

I am new to this forum and am hoping someone can help with my query. I currently live in my own property and have done for the last 6 years. The property is more than likely in negative equity at the moment and due to the current nature of the housing market the property is unlikely to sell.

I am expecting a baby with my boyfriend next year I am planning on moving into his house so I am going to rent out my house until such a time I can sell it

I understand from reading previous threads that as the rent I will get is lower than the mortgage (rent would be £500 and mortgae is £750) and I have lived in the property for over 2 years I wouldnt have to pay any stamp duty back or be liable for tax as I would not be making a profit on the property. Is this correct?

Also, what would the implications be for my current buildings insurance? Would I need to get a seperate landlords insurance?

Thanks in advance

I appears you are living in the UK (amounts in £). Ignore any advice you have seen here as askaboutmoney.com is an Irish site.